EURCAD Euro vs Canadian Dollar

The Canadian dollar slipped against its key counterparts in European trading on Friday, after the release of downbeat data on nation's retail sales for July and consumer price index for August.

Data from Statistics Canada showed that Canada consumer prices fell 0.2 percent on month, defying expectations for a 0.1 percent rise. The index dropped 0.2 percent in the previous month.

Core CPI was unchanged on a monthly unadjusted basis, compared to expectations for a 0.2 percent rise. The reading was flat in the month of July also.

Separate data from the same agency showed that retail sales edged down 0.1 percent to C$44.1 billion on a seasonally adjusted month-on-month basis in July.

This follows a flat reading in June and confronted economists' expectations for a 0.2 percent rise.

Core retail sales, excluding motor vehicle and parts dealers, declined a seasonally adjusted 0.1 percent on month in July - contradicting the 0.5 percent increase expected by economists and follows a 0.6 percent slide last month.

Oil prices stabilized around $46 mark after Saudia Arabia proposed to cut oil production in an attempt to stabilize the oil markets, if Iran agrees to freeze its output this year. OPEC members will meet on the sidelines of the International Energy Forum, which meet next week in Algeria.

Crude for November delivery is currently down $0.15 to $46.17 per barrel.

The loonie showed mixed trading in the Asian session. While the loonie held steady against the yen and the euro, it fell against the greenback and the aussie.

The loonie dropped to a 2-day low of 1.3144 against the greenback, compared to 1.3041 hit late New York Thursday. The loonie may find support around the 1.33 mark.

Reversing from an early high of 77.49 against the Japanese yen, the loonie weakened to 76.65. Continuation of the loonie's downtrend may see it challenging support around the 75.00 region.

Survey from Nikkei showed that Japan's manufacturing sector turned to expansion in September, with a manufacturing PMI score of 50.3.

That beat expectations for 49.2, and it was up from 49.5 in August.

The loonie reversed from an early high of 1.4614 against the euro and slipped to a 2-day low of 1.4752. The loonie is seen finding support around the 1.48 zone.

Flash data from Markit showed that Eurozone private sector grew at the slowest pace in 20 months in September.

The flash composite output index slid to 52.6 in September from 52.9 in August. Economists had expected the reading to fall marginally to 52.8.

The loonie, having advanced to 0.9949 against the aussie at 7:15 am ET, eased immediately and touched a 1-1/2-month low of 1.0035. If the loonie extends decline, it may locate 1.03 as the next support level.

Looking ahead, Markit's U.S. flash manufacturing PMI for September and U.S. Baker Hughes rig count data are slated for release shortly.

At 9:00 am ET, U.S. Treasury Secretary Jack Lew and Treasury Deputy Secretary Sarah Bloom Raskin will participate in the Freedman Bank Forum in Washington.

At 12:00 pm ET, Federal Reserve Bank of Philadelphia President Patrick Harker, Cleveland Fed President Loretta Mester and Atlanta Fed President Dennis Lockhart are expected to participate in "Presidents' Perspectives: The Fed's Role in Our Communities" closing plenary before the "Reinventing Our Communities: Transforming Our Economies," a conference hosted by the Federal Reserve Bank of Philadelphia .

At 12:30 pm ET, Federal Reserve Bank of Dallas President Robert Kaplan participates in moderated Q&A before the Independent Bankers Association of Texas Annual Convention in San Antonio.

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